The market, in the Fed's case, is the 10-year Treasury yield . However, for both stocks and bonds, the charts can help us understand the underlying trends, patterns and the pertinent support and resistance levels. The first thing to consider is this: The 10-year yield has been leading the Fed since 2018. Coming out of Covid, the 10-year yield bottomed in August 2020 and kept going … the FOMC finally acquiesced, but not until March 2022, initially believing that inflation was transitory. Ironically, the 10-year yield is around the same level now as it was in the 1960s.

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